Oil sales plummets by 31% YoY in June

July 04, 2023 (MLN): The sales of oil marketing companies (OMCs) decreased by 31% YoY and rose 4% MoM to clock in at 1.34 million tonnes (MTs) in June 2023 compared to 1.94 MTs in June 2022.

This significant decline in oil sales is primarily attributed to the surge in petroleum prices, macroeconomic conditions, and a decrease in FO-based power generation.

Similarly, the sale of Furnace Oil (FO), High-Speed Diesel (HSD), and Motor Spirit (MS) dropped by 78% YoY, 24% YoY, and 9% YoY to stand at 0.10 MTs, 0.54 MTs, and 0.64 MTs, respectively.

On a monthly basis, the sales of FO and MS rose by 10% MoM and 7% MoM respectively, whereas the sale of HSD remains unchanged compared to May 2023.

In FY23, the oil sales reduced by 26% YoY to reach at 16.61 MTs compared to 22.55 MTs in FY22.

PSO's sales reduced by 38% YoY due to a decline in MS, HSD, and FO sales by 8%, 22%, and 97% YoY, respectively.

Similarly, APL and SHEL also witnessed a decline in sales by 25% and 37% YoY, respectively. However, HASCOL's sales showed a significant increase of 3.5x YoY.

In FY23, PSO’s market share declined by 3% to 50% as compared to 53% in FY22.

On the other hand, SHEL and APL maintained their market share at 8% YoY and 10% YoY respectively.

Meanwhile, HASCOL's market share increased to 3% in FY23 from 1% in FY22.

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